1301:9-2-10 Impairment.

(A) A condition of impairment shall be deemed to exist if the difference between total assets minus current and long-term liabilities (not including shares) is less than the total amount of all share accounts.

(B) Whenever it is determined that there exists an impairment, the board of directors shall notify the superintendent of such conditions. If required by the superintendent, the board of directors shall disclose to all shareholders the fact of the impairment.

R.C. 119.032 review dates: 03/17/2006 and 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.

Prior Effective Dates: 2/11/88